The circuit, next to Balaton Lake, has applied for an FIA Grade 2 licence, allowing it to host junior single-seater categories and sportscar racing, but has been built in accordance with Grade 1 specifications.
The 2.55-mile anti-clockwise track with six right and ten left-hand corners, has permanent seating for 10,000 fans but the capacity to increase that to 120,000 with temporary grandstands.
The first event to be held at the circuit will be Porsche on Track, a two-week driving programme as part of the German marque's 75th-anniversary celebrations, followed by a one-day Festival of Dreams on 10 June.
The facility, which hopes to host international racing from the 2024 season, has received over €200 million in investment and will be accompanied by a four-star hotel and museum.
Three-time Formula 1 race winner Giancarlo Fisichella was on hand for the launch and said of the circuit: "Driving Balaton Park Circuit for the first time, I was impressed by its character.
"The track really has it all – a thrilling blend of high-speed corners, challenging hairpins and cool chicanes. It's a track that flows nicely, giving you a great racing feeling.
"The first corner and the end of the back straight are prime spots for overtakes. All in all, Balaton Park is a treat to drive."
The circuit's president is Chanoch Nissany, father of Formula 2 stalwart Roy, who made an F1 free practice appearance for Minardi at the 2005 Hungarian Grand Prix.
Balaton Park Circuit board member Gianpaolo Matteucci said: "We are very proud to be celebrating today the official opening of Balaton Park Circuit, a unique project that began as a dream and is now a reality thanks to the unwavering commitment of Balaton Park Group.
"The main phase of construction began four years ago and was executed with particular attention to safety, innovation and with special care for the environment.
"As we are ready to host international motorsport events, Balaton Park Circuit has been built in accordance to the highest standards as required by FIA and FIM regulations."
The track was designed by Hungarian Ferenc Gulacsi, who explained what he wanted to achieve with his layout: "I designed the course with three aspects in mind: safety, challenge for the competitors and sustainability.
"I am glad we arrived at this point today, that the track is ready for use. The first flag can be waved."
